Munchables recovers $62 million taken in security breach

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The Block2024/03/27 06:48

By:The Block

Quick Take Munchables saw the return of $62 million in ETH to a multisig wallet. The implicated developer agreed to return the funds and relinquish control of the Munchables assets.

Munchables recovers $62 million taken in security breach image 0

Munchables, a gaming platform based on Blast, saw the return of $62 million in ETH to a multisig wallet after experiencing a significant financial setback due to unauthorized transactions yesterday.

The episode began with Munchables announcing a security issue, with suspicions pointing towards an internal team member. Investigative efforts led by on-chain detective ZachXBT hinted that the individual in question could be linked to North Korean hackers.

Centralized control within the project's smart contracts had granted the said developer the ability to transfer funds into their control, a power exploited in this case.

Subsequently, Munchables shared an update revealing that the developer had consented to relinquish the keys to all Munchables' assets unconditionally.

In an act of restitution, the developer returned the stolen funds. A total of 17,412.6 ETH, valued at about $62.8 million, was sent back to a 2/3 multisig wallet, security firm BlockSec noted .

This is a developing story.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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